Bitcoin open interest drops almost 15% in the past two weeks
- Futures Open Interest (OI) is the total amount of funds (USD Value) allocated in open futures contracts.
- The OI peaked in October 2022 — with roughly 667,000 BTC allocated in open interest contracts.
- Roughly there are now 368,000 BTC allocated in OI contracts — a decrease of 300,000 Bitcoin.
- Bitcoin has jumped in price from $19,000 to $26,000 while seeing leverage unwound. This is extremely healthy.
- In the past two weeks, we have seen roughly a decrease in OI by about 15% — now at similar levels in early 2022.
- For this trend to continue, OI must decline while spot Bitcoin accumulates.